MANCHESTER CITY’S owners have completed an Indian takeaway by making Mumbai City their eighth club in their stable.
The City Football Group will acquire a 65% majority shareholding of the Indian Super League club.
The City Football Group will continue to grow their footballing empireCredit: PA:Press Association
Actor and film producer, Ranbir Kapoor and Bimal Parekh will hold the remaining 35% of shares between them.
Sunsport reported on Thursday a deal was imminent and it was now been signed, meaning Mumbai City will benefit from the CFG’s commerical and football know-how.
Mumbai City FC plays its home games at the 8,000 capacity Mumbai Football Arena, which sits within the Andheri Sports Complex.
The team is currently five games into the sixth ISL season.
CFG and City chairman Khaldoon al Mubarak said: “We believe that this investment will deliver transformative benefits to Mumbai City FC, to City Football Group and to Indian Football as a whole.
“City Football Group is committed to the future of football in India and to the potential for Mumbai City FC within that future.
“We are very much looking forward to playing an active role in Mumbai City FC’s fan and local communities, and working with our co-owners to further develop the Club as quickly as possible.”
As well as Manchester City, CFG also has clubs in New York, Melbourne, Yokohama, Uruguay, Spain and China.
Since it was formed in March 2013, it now employs more than 2,000 staff and has more than 1,500 footballers who play over 2,500 games every year.
The announcement comes in a busy period for CFG. Just prior to closing this deal to acquire Mumbai City FC, the Group confirmed a new equity investment from Silver Lake, a global leader in technology investing, valuing the Group at $4.8bn.
Last week, also saw Manchester City FC release its annual report with record revenues and fifth continued year of profits, at the same time as representatives visited India as part of the Club’s trophy tour.
Welcoming the City Football Group to the Indian Super League and Indian Football chairperson Mrs Nita Ambani said: “This is a landmark occasion.
“It celebrates the remarkable rise of Indian football and brings to life our vision for the beautiful game in India.
“It is a great endorsement of the increasing appeal of Indian football and for all football fans in India, this is a moment to take pride in our football, our culture and the opportunity we present to the world in developing the sport.
“The power and potential of our youth makes India the most exciting global opportunity in the world today, in every field, and especially in sport.
“On behalf of all Indian football stakeholders, I welcome City Football Group and thank them for their interest and belief in Indian football. I am sure Mumbai City FC and Indian football will benefit greatly from this historic partnership.”
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Source: Soccer - thesun.co.uk
